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Toys R Us UK to close stores in restructuring

  • The retailer will close at least 26 of its 105 stores in Britain in 2018, it said Monday
  • The firm said it anticipated redundancies among its workforce of 3,200
Sale signs outside a Toys R Us store in Basingstoke, Hampshire, as the company has put forward plans to close at least 26 U.K. stores, putting up to 800 jobs at risk.
Andrew Matthews | PA Images via Getty Images
Sale signs outside a Toys R Us store in Basingstoke, Hampshire, as the company has put forward plans to close at least 26 U.K. stores, putting up to 800 jobs at risk.

Toys R Us U.K. is to seek creditor approval for a restructuring plan involving closing at least 26 of its 105 stores in Britain in 2018, it said on Monday.

The British arm of Toys R Us Inc of the United States, which filed for bankruptcy in September, said it had submitted a Company Voluntary Arrangement (CVA) plan to its creditors and would seek their approval in the next 17 days.

Toys R Us U.K. said that if approved by the creditors the CVA plan would substantially reduce its rental obligations and allow the business to move to a new, viable business model.

The firm said it anticipated redundancies among its workforce of 3,200 but did not give a specific number.

Toys R Us U.K. said all its stores would remain open as normal through Christmas and into the new year.